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Lebanon’s Average Inflation Rate Up by 4.35% by October 2017

According to the Central Administration of Statistics (CAS), Lebanon’s average inflation rate rose by 4.35% by Oct. 2017, compared to an average deflation rate of 1.42% by Oct. 2016.

The average costs of “Housing and utilities” (including: water, electricity, gas and other fuels), which grasped a combined 28.4% of the Consumer Price Index (CPI), rose by 5.37% year-on-year (y-o-y) by Oct. 2017. In details, “Owner-occupied ” rental costs constituted 13.6% of this category and increased by 3.79% y-o-y. As for the average prices of “Water, electricity, gas, and other fuels”(11.8% of the Housing & utilities component), they rose by an annual 11.25% over the same period.

In turn, the average prices for “Food and non-alcoholic beverages” (constituting 20% of the CPI) and “Education” costs (6.6% of CPI) registered yearly upticks of 3.61% and 2.07% by Oct. 2017. The average price of “Transportation” (grasping 13.1% of the CPI) gained an annual 5.55%, which can be attributed to the continuing recovery in the average international price of oil to $53.05/barrel by Oct. 2017 compared to $43.95/barrel by Oct. last year. Nevertheless, average “Health” costs (7.7% of the CPI) which recorded decreases in the past months, slipped by 0.11% y-o-y over the same period.

In Oct. 2017, the CPI grew at a rate of 4.62% compared to October last year. The increase was driven by the recorded annual upticks of 3.98% and 4.54% in the two largest CPI components “Housing and utilities” and “Food and non-alcoholic beverages”. Moreover, “Clothing and Footwear”, “Transportation”, and “Health” components of the CPI also added 15.81%, 4.35% and 2.8% y-o-y, respectively, during the month.